THE Securities Commission Malaysia (SC) and the Labuan Financial Services Authority (Labuan FSA) signed a new memorandum of understanding (MoU) for greater regulatory, enforcement and supervisory cooperation between the two regulators.
In a statement today, SC said taking cognisant of the changing business landscape as well as new regulatory and policy developments, the MoU builds upon and further strengthens the memorandum of cooperation and mutual assistance signed between the two agencies in 2004.
The MoU, which covers the development and regulation of capital market activities in Malaysia, will enable the SC and Labuan FSA to strengthen collaboration in areas of mutual interest, including monitoring risks and promoting stability of the capital market.
It will also enhance the provision of technical assistance, capacity building and exchange of information between the two regulators.
“This collaborative arrangement is an important initiative to grow our capital markets and achieve greater cooperation and synergy between the SC and Labuan FSA. Supervision and oversight are always at the core of any regulator’s mandate. This enhanced collaboration towards building a robust, innovative and stable regulatory environment will spur the growth of existing and new market segments and benefit our markets, participants and investors,” said SC chairman Datuk Syed Zaid Syed Jaffar Albar.